Millennials are more likely to purchase, service and modify their insurance online or through other electronic methods. How does the potential for an errors & omissions claim increase with this shift toward a virtual marketplace?
Knowing what you can and can’t do isn’t rocket science—it’s one of the core pillars of professionalism. Don’t wander into unfamiliar territory with your clients’ property, wealth and reputation.
Like any other business, marijuana growers and distributors need insurance coverage. But growing, distributing and possessing marijuana is a still a crime under federal law.
No one wants to look foolish in a professional setting. But a number of foolhardy practices result in real-life errors & omissions claims against insurance agents.
Although agents work hard to avoid facing errors & omissions claims, many are not aware of potential issues that can arise when handling bonds. Here are some common surety-related missteps that can create E&O exposures—and how to avoid them.
An errors & omissions claim against an agent can often devolve into the agent’s word against the client’s. Your best weapon against this type of case: documentation of the facts.
For product liability or commercial clients, QBE North America offers a new manufacturing errors & omissions endorsement as a standalone form that combines three key coverages—product, impaired property and work—in one form.
Offering insurance packages to protect clients’ various interests comes with inherent risk. That risk increases alongside the client’s net worth.
What E&O practices and procedures best protect an agency?
Here are a few workflow-related exposures that can give rise to E&O situations—and how to approach them properly.
